Saturday, June 25, 2022

A company insider recently sold 31,602 shares of Flex Ltd. [FLEX]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Flex Ltd. shares valued at $455,264 were sold by Hartung Michael P on Jun 16. At $14.41 per share, Hartung Michael P sold 31,602 shares. The insider’s holdings dropped to 188,003 shares worth approximately $2.74 million following the completion of this transaction.


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Also, Advaithi Revathi sold 417,739 shares, netting a total of over 6,019,481 in proceeds. Following the sale of shares at $14.41 each, the insider now holds 1,472,652 shares.

Before that, Hartung Michael P had sold 5,329 shares from its account. In a trade valued at $83,497, the Group President traded Flex Ltd. shares for $15.67 each. Upon closing the transaction, the insider’s holdings decreased to 5,329 shares, worth approximately $2.36 million.

As published in a research note from Argus on May 18, 2022, Flex Ltd. [FLEX] has been rated up from a Hold to a Buy and the price target has been revised to $22. This represents a 33.73% premium over Wednesday’s closing price. Analysts at Cross Research upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early May. As of February 26, 2021, JP Morgan has increased its “Neutral” rating to a “an Overweight” for FLEX. Earlier on December 18, 2020, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for FLEX stock which previously was a “an Overweight”.

Analyzing FLEX’s Price Performance

On Wednesday, Flex Ltd. [NASDAQ: FLEX] plunged -2.47% to $14.58. The stock’s lowest price that day was $14.42, but it reached a high of $14.90 in the same session. During the last five days, there has been a drop of approximately -6.18%. Over the course of the year, Flex Ltd. shares have dropped approximately -20.46%. Shares of the company reached a 52-week high of $19.30 on 03/31/22 and a 52-week low of $14.05 on 06/16/22. A 50-day SMA is recorded $16.48, while a 200-day SMA reached $17.31. Nevertheless, trading volume fell to 4.39 million shares from 4.14 million shares the previous day.

Support And Resistance Levels for Flex Ltd. (FLEX)

According to the 24-hour chart, there is a support level at 14.37, which, if violated, would cause prices to drop to 14.15. In the upper region, resistance lies at 14.85. The next price resistance is at 15.11. RSI (Relative Strength Index) is 35.49 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.24, which suggests the price will decrease in the coming days. Percent R is at 87.50%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Flex Ltd. (FLEX)?

According to PRIMECAP Management Co. filings, the company currently owns 54,612,570 shares, which is about 11.93% of the total FLEX shares outstanding. The investor’s shares have plunged by -406,880 from its previous 13-F filing of 55019450.0 shares. With the completion of the sale, Wellington Management Co. LLP’s stake is now worth $673,798,494. Janus Henderson Investors US LLC reduced a -0.93% interest valued at $388.57 million while Fidelity Management & Research Co sold a -19,441,272 stake. A total of 1,800,973 shares of Flex Ltd. were sold by Victory Capital Management, Inc. during the quarter, and 150,693 were bought by AllianceBernstein LP. In its current portfolio, Lyrical Asset Management LP holds 13,746,411 shares valued at $234.65 million.

In terms of Flex Ltd. share price expectations, FactSet research, analysts set an average price target of $23.86 in the next 12 months, up nearly 53.85% from the previous closing price of $14.95. Analysts anticipate Flex Ltd. stock to reach $29.00 by 2022, with the lowest price target being $21.00. In spite of this, 10 analysts ranked Flex Ltd. stock as a Buy at the end of 2022. On October 16, 2020, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and upgraded coverage with a $16.

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